Purpose

Asset valuations and associated advice from a
suitably qualified valuation professional is a statutory
requirement to ensure that the Statement of Accounts are prepared
in accordance with the CIPFA Code of Practice on Local Authority
Accounting.

Following a competitive tender the procurement of an asset and
insurance reinstatement valuation service was initially approved
for a three year term ending 31 July 2021. Due to the Covid 19
restrictions, the continuing use of the current service provider
was subsequently approved through until 31 July 2023.

The decision was made to direct award the current service provider
a new contract through a procurement framework. This is considered
to be the best option because any change in service provider would
likely be more costly to the council. Any new provider would have
to spend time gaining knowledge of council assets and if they
changed valuations methods then this would lead to increased
external audit scrutiny and costs. Remaining with the same provider
offers value for money to the council.